Good Economic News! Greek-Debt Deal Reached

Things just got 50 percent better for the troubled nation of Greece: “European leaders, in a significant step toward resolving the euro zone financial crisis, early Thursday morning obtained an agreement from banks to take a 50 percent loss on the face value of their Greek debt,” The New York Times reports. Greece’s paralyzing debt, like Greece’s main appeal, is history: the Times estimates that by 2020, the country’s debt would be just “120 percent of that nation’s gross domestic product, a figure still enormous but more sustainable for an economy driven into recession by austerity measures.”

Speaking of austerity, Greek reactions: “Our nation sovereignty has been harmed irrevocably,” a member of the conservative New Democracy party told The Guardian. “This is a terrible day for Greece.” On the other hand, the 50-percent-loss-on-Greek-debt deal has had quite a positive effect on the global economy. Resolved: the glass is only half-empty because the banks agreed to write down the other half.